Bendigo and Adelaide Bank have expanded their regulatory reporting solutions in Australia by partnering with Wolters Kluwer.
The Australian bank will implement Wolters Kluwer’s OneSumX Regulatory Reporting which uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service.
Bendigo and Adelaide Bank will specifically use the Regulatory Reporting functionality for its Authorised Deposit-Taking Institution (ADI) in Australia obligations.
OneSumX for Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service, which actively monitors regulation in approximately 50 countries.
External reporting obligations to The Australian Prudential Regulation Authority are continuing to increase in complexity. As a result, the functionality to benchmark constantly changing regulations is a sensible choice for ADIs according to David Rule, Australia and New Zealand account manager at Wolters Kluwer’s Finance, Risk & Reporting business.
“OneSumX for Regulatory Reporting equips our clients with an award-winning solution that addresses the increasingly complex and demanding regulatory environment, helping to ensure increased data granularity and transparent data lineage,” he added. “We have added five ADIs, seeking to manage their obligations under the Economic and Financial Statistics (EFS) reform, to our client base and user group in the past two months. We look forward to helping more firms modernise their external reporting objectives.”
Wolters Kluwer’s Governance, Risk & Compliance (GRC) division provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.
Headquartered in Alphen aan den Rijn, the Netherlands, Wolters Kluwer serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
Financial services firms from across the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance. These include SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, China Everbright Bank, China Merchants Bank, LGT and Nordea.
Earlier this year, ABN AMRO, the third largest bank in the Netherlands, implemented Wolters Kluwer’s OneSumX for Regulatory Reporting, along with OneSumX for Finance and OneSumX Asset and Liability Management (ALM).
Wolters Kluwer’s OneSumX for Finance provides financial institutions with fully integrated finance functionality, which addresses the finance challenges in this fast-moving business and regulatory environment.
While OneSumX ALM is a centralized data repository combining contract data, balance sheet structures, counterparty and market data complements the ALM solution and is an integral part of the overall system.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
